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FXstreet.com (Barcelona) - Market disappointment after ECB's historical bluff is unjustified, according to Tom Vosa, the head of European markets economics at the National Australia Bank (NAB). He argues that "it is clear now that ECB President Mario Draghi is preparing a bazooka which he hinted at its design, but it just needs to get fired."

"We would disagree with that interpretation. It seems clear that there are some disagreements within the Governing Council, but these may be more apparent than real. The ECB has now stated that it can intervene in bond markets in order to reduce risk premia. By putting this in context of achieving price stability through ensuring that the monetary transmission mechanism remains intact. Draghi is conducting an orthodox monetary policy argument," he says.

Another important positive point in today's ECB announcement and in Mr. Draghi's press conference was the ECB's claim that the 'concerns of private investors about seniority will be addressed.' "We suspect that this is an attempt to persuade private investors to retain periphery debt in the event of any large-scale ECB purchases," he adds.

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